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OJK requires undefined fintech services to apply for sandbox program
The OJK also stated that it could mandate that firms offering new fintech business models register in the program.
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Hasan Fawzi (left), executive head of financial technology innovation, digital financial assets and crypto supervision at the Financial Services Authority (OJK), smiles on Mar. 26. 2024, during a press briefing in Jakarta. (Antara/M. Baqir Idrus Alatas)
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irms that offer new financial services, particularly those that do not currently fit into the existing supervision classification, will be required to register their products in a dedicated sandbox program developed by the Financial Services Authority (OJK).
The sandbox program provides the OJK with the means to assess the reliability of business models and the processes of new fintech products while allowing them to operate within certain limits.
Until now, the program has included some new fintech business models, such as credit scoring, aggregators and wealthtech.
New digital assets services, including cryptocurrency asset platforms, will need to undergo a similar scheme after the Futures Exchange Supervisory Board (Bappebti) transferred its supervision responsibility to the OJK.
The OJK also stated that it could mandate that firms offering new fintech business models register in the program.
“We hope this regulation can be a balance [tool], between encouraging fintech innovation and anticipating risks in financial sector stability and consumer protection,” Hasan Fawzi, the OJK’s executive head for fintech innovation and digital assets supervision, said during a press briefing on Tuesday.
Read also: OJK imposes cuts on P2P interest rates, fees starting next year
